Exclusive: Found raises $60 million for self-employed business banking
Banking and corporate cards have become big business for startups and small businesses — with companies like Ramp, Brex, and Airbase all raising gobs of cash — but few (good) options exist for solopreneurs and businesses of one.
Driving the news: Found, a startup offering a "full-stack" financial services for self-employed workers, raised $60 million in Series B funding led by Founders Fund, the company tells Axios.
- About 60 million Americans are self-employed, and that group is predicted to make up the majority of U.S. workers by 2027.
- They shell out a ton for accountants, bookkeepers, and lawyers.
How it works: Found provides a business bank account and debit card that helps freelancers and contractors keep track of all their payments, invoices, expenses, and taxes all in one place.
- For example, users can have payments sent to their Found bank account, which calculates tax withholdings and sets the correct amount aside. They then use the Found debit card to pay for expenses, which are automatically deducted when applicable.
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